The Treasury advises that the Monetary Penalties and Enforcement guidance has been created following changes to the legislative framework relating to financial and trade sanctions.
This guidance is produced by the Customs and Excise Division, part of the Treasury, which is the authority for the implementation of financial sanctions in the Isle of Man.
This guidance describes the Treasury’s processes and considerations in relation to the issue of monetary penalties for breaches of financial sanctions, including:
- The case assessment process
- Penalty calculation process
- Procedural rights
This guidance is general in nature so you should also refer to the relevant, up-to-date legislation as well as specific sanctions guidance where it is available.
Please note that each case will be considered on the facts and the specific legal requirements that apply. Please note that the Treasury cannot issue definitive guidance on how the Isle of Man courts might interpret these laws.
Finally, this guidance does not represent legal advice. If you are unsure about your obligations in a given case, you should consider taking independent legal advice.
Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.
Further Information
Contact details for enquiries
If you require any further information or guidance, please contact the Sanctions Team on:
Telephone: +44 1624 648109
Email: sanctions@gov.im
Please note: We are unable to provide legal advice. You may need to seek independent legal advice.
